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Stock-based compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based compensation Stock-based compensation
The Company recognized stock-based compensation expense for all equity arrangements as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)
Cost of revenue:
Subscription
$3,228 $2,931 $9,751 $8,542 
Services
445 445 1,242 1,308 
Sales and marketing5,267 7,887 20,827 22,561 
Research and development6,536 6,581 19,954 18,981 
General and administrative6,462 7,563 22,371 20,877 
$21,938 $25,407 $74,145 $72,269 
Equity Incentive Plans
Return Target Options
The table below summarizes return target option activity for the nine months ended September 30, 2025:
Options
Weighted-Average
Exercise
Price
Weighted-Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 20242,265,275 $6.66 3.7$16,740 
Exercised(118,234)7.33 293 
Outstanding, September 30, 20252,147,041 $6.62 2.9$8,753 
Options exercisable at September 30, 20252,147,041 $6.62 2.9$8,753 
Vested or expected to vest at September 30, 20252,147,041 $6.62 2.9$8,753 
Service-Based Options
The table below summarizes the service-based option activity for the nine months ended September 30, 2025:
Options
Weighted-Average
Exercise
Price
Weighted-Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 2024757,343 $5.52 3.0$6,464 
Exercised
(33,716)5.49 169 
Outstanding, September 30, 2025723,627 $5.52 2.1$3,751 
Options exercisable at September 30, 2025723,627 $5.52 2.1$3,751 
Vested or expected to vest at September 30, 2025723,627 $5.52 2.1$3,751 
Restricted Stock Units
RSU activity for the nine months ended September 30, 2025 was as follows:
Units
Weighted-Average Grant Date Fair Value (per share)
Outstanding, December 31, 202411,737,145 $20.73 
Granted7,839,903 12.85 
Vested(3,336,860)22.49 
Forfeited(1,769,338)18.06 
Outstanding, September 30, 202514,470,850 $16.38 
RSUs under the 2020 Plan generally vest ratably on an annual basis over four years. There was $176.0 million of unrecognized compensation expense related to unvested RSUs that is expected to be recognized over a weighted-average period of 2.7 years as of September 30, 2025. The total fair value of RSUs vested during the nine months ended September 30, 2025 was $75.1 million.